I’ll be making some trading account changes that will take effect on the 1st of June. I thought I’d write this post to explain why I’ve made these changes.
Change 1: Closing FxSol account and opening an OANDA account
My FxSol account has been by far my worst performing Megadroid account for a while now. IMO there’s 2 main reasons why.
Firstly the spreads are very high – usually 3 pips on EUR/USD.
The second reason is terrible execution. Even if I place a manual trade on that account, I always have to wait 12 to 15 seconds for the order to be executed, and even after that time there’s a high chance of a requote. This large delay started happening after I made considerable profit on that account using another trading strategy. I suspect I’ve been put in a “delay group” because of that. Prior to that execution times were typically 2 to 4 seconds. I was hoping that delay would disappear, but after 12 months and several conversations with their support, it’s clear that it won’t change. FxSol were also acquired by another broker about a year ago which I don’t know much about.
I’ve had an OANDA account for a while, but I’ve never used it for Megadroid until now. It’s a much larger broker, and the spreads on EUR/USD are much better. I’ve mostly used their FxTrade platform in the past, so I’m hoping their MT4 platform is OK. I’m pretty confident it’ll be considerably better than my FxSol account for trading Megadroid, so the decision to move accounts, was an easy one. OANDA are well regulated, and their financial status is available online via the CFTC website
Change 2: FXDD to FXCM transition following FXCM’s acquisition of FXDD
It seems that FXCM have taken over FXDD. I received an email saying my FXDD account would transition to FXCM at some point. To be honest, my past experiences with FXCM have been poor, but I’ve decided to just see what happens this time. It’s been around 2 years since I’ve had trading accounts with FXCM.